Daily Forex Analysis – GBP/JPY
The intraday sentiment surrounding the GBP/JPY currency pair retains a neutral stance at this juncture, with the support marker at 181.0040 remaining unbreached. This intact support propels the likelihood of an upward trajectory. The prevailing hypothesis suggests that the rectification phase initiating from 186.7540 has found its termination at 178.0240. A surpassing of the 183.7940 threshold is anticipated to reignite the upward march from 178.0240, eyeing a reevaluation of the 186.7540 zenith. Conversely, a rupture of the 181.0040 support could potentially alter this outlook, redirecting the sentiment towards a bearish stand for a retest of the 178.0240 level.
Expanding the lens to a broader perspective, the descent from 186.7540 is perceived merely as a corrective move. The overarching bullish trend stemming from 123.9440, the nadir of 2022, is presumed to remain in motion provided the support at 176.2940 withstands. A breach of the 186.7540 pinnacle will set the sights on the 195.8640 mark, a peak established in 2015. However, a decisive shattering of the 176.2940 support could potentially signify a medium-term peak, ushering in more protracted and profound consolidation phases.
Analysis Summary
The analysis delineates the intraday neutrality in GBP/JPY trading, emphasizing the critical support at 181.0040 for an upward potential towards retesting 186.7540. The overarching bullish trend from 2022’s low is still deemed intact, with a longer-term target set at 2015’s high of 195.8640, contingent upon enduring support levels.
Key Points:
- Unbreached support at 181.0040 fosters an upward trajectory.
- The prevailing bullish trend from 2022’s low of 123.9440.
- 2015’s peak of 195.8640 eyed post 186.7540 breaches.
